All Montana mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved Courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Montana-required content. A
minimum of eight hours per year of continuing
education is required per year, per the SAFE act.

The licensing fee for NMLS for Loan
Originators is $469 when applying from January 1 - June 30, and $269 for the remainder
of the year. The licensing fee for a broker
is $600/$270 for a main-office/branch office and $350/$145 for the remainder of the year.
Click on the links in the preceding sentences for more details about each license.

Applicants who wish to become a Mortgage Broker in Montana are required to have at least
three years of verifiable experience in the mortgage lending business, and need to pass an
examination that demonstrates competency to work as a Mortgage Broker. Broker Applicants
must also provide either a Surety Bond in the minimum amount of $25,000 or an irrevocable
Letter of Credit.

Mortgage Brokers must maintain a physical office within the state. This office may be by
itself or it may be in conjunction with another licensed mortgage broker within the state.
The office must have at least one phone line. All licensees must pay Montana State Income
Tax on earnings from within Montana.

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